Milan

Sopaf offices searched in bankruptcy probe

Former president Magnoni under investigation

Sopaf offices searched in bankruptcy probe

Milan, April 3 - Finance police searched the offices of Italian investment holding Sopaf on Wednesday as part of a probe into alleged bankruptcy and market manipulation at the company. Ex-president Giorgio Magnoni is one of a number of former Sopaf managers placed under investigation in relation to the probe after the holding - formerly quoted on the Milan stock market - came to the brink of insolvency last year. He is the son of Giuliano, a business partner of the late Italian financier Michele Sindona, convicted of murdering the lawyer Giorgio Ambrosoli. Investigators have reportedly discovered a shortfall of almost 200 million euros in company accounts allegedly due in particular to bad and reckless investments. The charges of market rigging instead concern a statement made by Sopaf to the market. Last September company creditor Unicredit began bankruptcy proceedings against the holding, which in turn filed for - and was granted - admission to the procedure for composition with creditors.

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